More than a third of Canadian homeowners are confused about interest rates

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According to a survey, more than a third (38%) of Canadians say they don’t know what rising interest rates mean for their homes.

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TD Bank Group’s 2022 Home Survey also found that 76% of Canadians planning to buy a home in the next year are worried about the impact rising rates will have on the home they’re buying. can afford.

Yet despite this uncertainty, 58% of homeowners expect to renovate or sell their home in the next year, 42% are likely to renovate and 13% say they are likely to sell.

“Rising interest rates affect all Canadians, especially those looking to become homebuyers in the near future and those looking to renew their property,” said Frank Psoras, senior vice president at TD.

“In today’s dynamic market, understanding the impact of rising interest rates is critical to establishing and maintaining financial health no matter where you are on your journey home.”

Other survey results:

— 30% of Canadians would be willing to buy and live in a home with loved ones outside of their immediate family.

— 29% of Canadians surveyed say they would sacrifice outdoor space.

— 26% are willing to give up the overall size of their home.

— Surprisingly, 31% of Canadians believe that interest rates have no impact on them or their mortgage.

At the request of TD Bank Group, Ipsos conducted an online survey of 2,000 Canadians aged 18 and over, May 20-25, 2022.

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